A Deeper Look Into Web 3.0 and How It Is Affecting The World
In today’s article, we’re having a look at the impact of Web 3.0 and blockchain on traditional industries. But first, for those of you who are unfamiliar with Web 3.0, here is a quick recap.
Many experts and companies describe Web 3.0 in a different way. For example, Coinmarketcap describes Web 3.0 as an internet in which data will be interconnected in a decentralized way. Forbes describes Web 3.0 as something that will bring us a fairer internet by enabling the individual to be a sovereign. True sovereignty implies owning and being able to control who profits from one’s time and information.
And so, these definitions make one thing clear, Web 3.0 is all about decentralization and its users. In Web 3.0 machines and users can interact with data; however, this can only happen if programs understand information both conceptually and contextually. This leads us to the cornerstones of Web 3.0: semantic web and artificial intelligence (AI). Web 3.0 is driven by blockchain technology, decentralized protocols and cryptocurrencies and is opening the phase of the internet revolution in which the true power lies in the hands of the users.
Web 3.0 is preparing to change how businesses operate and how internet users interact with the digital world, thanks to the most disruptive technology of our time. In this article, we will look in-depth at Web 3.0 Blockchain.
The Benefits of Web 3.0
Web 3.0 features include pro-privacy and anti-monopoly models. It will not incentivize centralized platforms that retain control over their users’ data. A shift with decentralization and privacy at the forefront will happen. Users are now in control of their data, and tech monopolies on Web 3.0 will no longer exist, thus data privacy violations will almost never happen.
Secondly, Web 3.0 is a lot more secure than its predecessor's Web 1.0 and 2.0; because of the decentralized and distributed nature. On Web 3.0 it is almost impossible for hackers to penetrate the network without the operation being traced back to them. Additionally, the data generated by users that were previously owned by tech giants will now be owned by the users. Data transmitted over the network will be completely encrypted. Users will be able to choose which information they want to share with corporations and advertising firms, and they will be able to earn money from it.
Then, there is interoperability. Web 3.0 features enable users to access data across multiple applications without being restricted to a single platform. This means you won’t have to worry about one device having access to Web 3.0 while others don’t. Finally, Web 3.0 is based on permissionless blockchain, and thus, doesn’t need a central authority. Anyone will be able to join and participate in the network by creating an address. This will eliminate the possibility of users being barred based on their gender, income, orientation, geographical location, or other sociological factors. It will also make it possible to transfer digital assets and wealth across borders in a timely and cost-effective manner.
Blockchain Web 3.0 In Different Industries
While blockchain Web 3.0 has the possibility to change many more industries, in this article we’ll expand on ten of them.
Finance and Banking
Decentralized Finance or Open Finance is already a 55 billion USD industry and digital currencies have already become a cross-border, global store of value. In fact, El Salvador recently became the first country to recognize cryptocurrency Bitcoin as their second national currency. DeFi is working hard on revolutionizing the banking and finance industry by making it more decentralized and giving authority back to its users. Furthermore, while digitizing currencies requires retooling in the banking system, Web 3.0 could make this possible. Moreover, securities and other tradable assets could also use blockchain signatures to ensure security and allow for around-the-clock trading.
A distributed ledger can also be used to record and manage land and resources. A global property ownership blockchain could be made up of satellite imagery, computer vision, and government records. Buying and selling real estate becomes as simple as transferring a digital certificate. Web 3.0 will make real estate transactions faster and easier in thriving economies. It can make a huge difference in the developing world for people who have lived on a piece of land for a long time but do not have any legal documentation of ownership.
Voting and Governance
Online voting has long been a dream of technophiles, dating back to the early days of the World Wide Web. The problem is that Web 1.0 and 2.0 don’t have good solutions for verifying identity, preventing duplicate voting, and protecting against attacks. Blockchain, AI, and facial recognition/biometrics assist in resolving these issues by enabling independent, verifiable online identities.
Web 2.0 has had a significant impact on advertising, which has increasingly moved online. This means that companies have an incentive to collect and sell user data, which is bad for your privacy and attention. Furthermore, online ad fraud occurs when bad actors use bots to simulate impressions and clicks, charging advertisers for traffic that will never result in a purchase. Web 3.0 technologies will assist by keeping user data in users’ hands and allowing them to decide how to share or sell their information. By verifying impressions and clicks with the user’s identity, these new technologies will also prevent many types of ad fraud.
Computing and Data-Storage
Companies like Google Drive and Dropbox own massive amounts of user data, but they are centralized, vulnerable to attack, and expensive. A better solution could be to store data on unused space across thousands of computers on a decentralized network. Encryption and file sharding techniques enable this with redundancy and reduced vulnerability to attack. Furthermore, network node processing power is another resource for Web 3.0, and this decentralized infrastructure will become increasingly important as Web 3.0 matures.
From the standpoint of data security, storing data on the blockchain makes sense. It also has the added benefit of allowing your care providers to share your records if you give consent. Real-time health data will be able to write directly from your body to the blockchain as wearable devices and sensors become more popular. AI algorithms can then recommend when to see a doctor.
Social Networking and Other Entertainment Forms
Any service that requires login authentication and user data input could benefit from a distributed ledger that is encrypted. AI is already making recommendations for things to do, content to watch and read, and people to meet. To take it a step further, IoT in the real world, as well as augmented and virtual reality, have the potential to fundamentally alter how we interact online and in person.
On a case-by-case basis, AI can learn to evaluate risk and assess claims. Then, when claims are filed, blockchain smart contracts can collect payments and automate payouts. Consider paying your car insurance on a daily or even hourly basis, with a higher premium when you’re stuck in traffic and a lower premium when your car is parked in your driveway.
Blockchain technology has the potential to create a global ledger that makes the supply chain for products transparent. Furthermore, IoT sensors embedded in the products can update the blockchain ledger at each stage of production and shipment. Companies become more efficient when they have a clear view of the supply chain, and consumers can verify the sustainability of the products they buy.
With Web 3.0 marketplaces will no longer need to rely on a central authority to bring buyers and sellers together. Instead, vendors can sell directly to consumers through open platforms.
As the blockchain space progresses, so do the implementations for Web 3.0. More and more use cases appear, and more and more people believe in a decentralized future. At Stakin, we are excited to see where Web 3.0 and blockchain will take us all.
DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the loss of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some protocols. We advise you to do your due diligence before choosing a validator.